Baffling to some HN readers perhaps, but Yahoo is still one of the biggest online destinations. It has a DAU count an order of magnitude larger than say Reddit, and it monetizes those users far more effectively.
Citation needed.
Yahoo.com, rank 12, Reddit.com, rank 19.
I would say that Reddit, despite its popularity, is notoriously mismanaged, so it's actually quite an appropriate comparison. Reddit is just culturally more relevant :-)
That's what an MBA would say.
I know for sure that it has always massively undercounted reddit traffic for example but I'll bet it is fairly accurate for Yahoo, since "runs Windows and random toolbars" is their target audience.
Plus my main point was that Yahoo is still a huge site. Maybe not in our circles, but a lot of people use it.